by Brianna Crandall — March 30, 2015—Independent tech-focused global research firm TechNavio has published a report on the global market for heat pumps, which is expected to grow at a compound annual growth rate (CAGR) of 10.79 percent for 2014-2019, driven by green technology developments and the energy-saving capacity and environmental advantages of heat pumps over older fossil-fuel based equipment.
There are major benefits of using heat pumps for heating, cooling and refrigeration, as they help conserve the environment, especially in terms of carbon dioxide (CO2) emissions, points out TechNavio. Heat pumps reportedly save almost 50 percent of the total CO2 emissions, when it comes to residential and commercial building sectors. For industries, heat pumps reduce CO2 emissions by about five percent.
“Vendors in the global heat pumps market are developing new green technologies to innovate energy-efficient heat pumps for retrofitting,” says Faisal Ghaus, vice president of TechNavio. “Heat pumps can be used as a replacement for old and less efficient heating equipment that is based on fossil fuels.”
The key factors of the global heat pump market as identified by TechNavio are listed below.
Key market drivers:
- Reduced CO2 emissions
- Economical and eco-friendly
- Recovery of housing market in USA and Europe
Key market trends:
- Shift to green technology
- Evolution of monitoring systems and intelligent technology
- Development of user-friendly equipment
- Development of energy-efficient geothermal heat pumps
- Longer lifetime
Key market vendors:
- Carrier Corp.
- Daikin Industries Ltd.
- Mitsubishi Electric Corp.
- Panasonic Corp.
To define the market circumstances in the next three to four years, TechNavio analysts conducted in-depth analysis of the impact of market drivers, challenges and trends, featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
Global Heat Pumps Market 2015-2019 is available for purchase from the TechNavio Web site.
